Dhofar Islamic offers seamless OQEP IPO subscription
Dhofar Islamic, BankDhofar’s Islamic Banking window, is pleased to announce its crucial role in facilitating the OQ Exploration and Production (OQEP) Initial Public Offering (IPO).
The OQEP IPO represents a significant investment opportunity for customers from all segments of the society. In support of this key national initiative, Dhofar Islamic encourages its customers to maximize their IPO participation returns via its Musawamah IPO Financing solution. As part of the offering, Dhofar Islamic will provide a 1:1 financing facility for its customers, enabling them to increase their subscription size.
The OQEP IPO offering comprises of a total of two billion shares (the largest IPO in Oman’s history), representing 25% of OQEP’s total issued share capital. The IPO is expected to raise up to OMR 780mn (equivalent to $2.026bn) at the top of the price range, valuing OQEP up to OMR 3.120bn (equivalent to $8.104bn). The IPO subscription periods are open from 30 September 2024, with the Category I offer closing on 10 October 2024 and the Category II offer closing on 9 October 2024.
In line with its commitment to increasing efficiency, enhancing customer satisfaction as well as financial inclusion, Dhofar Islamic has made it simple and convenient for customers to participate in this exciting investment opportunity. Customers can apply for the OQEP IPO digitally through its user-friendly mobile app which allows for instant and hassle-free participation. Customers can also visit any of Dhofar Islamic’s branch network to apply through MCD E-form.
Recognizing the diverse needs of retail customers. Dhofar Islamic is offering its 1:1 Musawamah IPO Finance option via its branches. The well-informed staff would be readily available to provide customers with customized assistance throughout the application process. It is worth mentioning that Musawamah IPO Finance from Dhofar Islamic comes with 0% profit for the first 15 days from IPO listing, ensuring that customers can participate in the OQEP IPO without incurring additional financial costs. There is a nominal processing fee of 0.25% + VAT for IPO applications with the maximum cap of OMR 125 + VAT, making it a cost-effective option for them.
